Information on impairment losses

Belongs to:

  • Current reports
Title: Information on impairment losses
Date: 2022.29.07
Report no.:  Current Report No. 37/2022

Current Report No. 37/2022

Date: 29 July 2022

Subject: Information on impairment losses

Legal basis: Article 17 (1) of MAR - inside information

The Management Board of Energa SA informs that as part of the preparation of the condensed interim financial statements (standalone and consolidated) for the first half of 2022, it proved necessary to create:

a) an impairment loss on the subsidiary Energa Kogeneracja Sp. z o.o. ("EKO") shares - in the amount of PLN 183 million,

b) the impairment losses on fixed assets of EKO (heat and power plant in Elbląg, heat and power plant in Kalisz, heat plant in Żychlin) - in the total amount of PLN 78 million,

The above mentioned impairment losses result from the impairment tests of Energa Group's fixed assets and impairment tests on stakes in subsidiaries owned by Energa SA, which were conducted for the second quarter of 2022 in accordance with IAS 36.

The estimated total impact of the above events on the consolidated net result of Energa Group for the first half of 2022 is PLN -63 million, and on the standalone net result of Energa SA PLN -183 million. The above events are of a non-cash nature. They will decrease the net results of Energa Group and Energa SA without affecting the EBITDA result (operating profit before amortization and impairment of non-financial non-current assets).

The financial data presented are estimates and are subject to review by the auditor, therefore they may change. The final amounts of impairment losses will be presented in the condensed interim consolidated financial statements of Energa Group and in the condensed interim standalone financial statements of Energa SA for the first half of 2022.

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